Tuesday 5 February 2013 08.20 EST
First published on Tuesday 5 February 2013 08.20 EST

Licence fee payers will soon be able to watch, listen, and live in BBC Television Centre in west London after plans were unveiled to turn the famous doughnut-shaped inner ring of the complex into executive apartments.

The cost of the development is likely to be about £500m and is expected to be worth £1bn when completed.

The plans were due to go live at television-centre.com on Tuesday, and will be submitted to Hammersmith & Fulham Council over the next six months.

BBC shows such as Strictly Come Dancing will return to the newly refurbished site, but large swaths of the corporation's staff and output have already left and are not coming back.

They include programmes such as Blue Peter, which moved to the corporation's new BBC North HQ in Salford, home to BBC Children's, BBC Sport, Radio 5 Live and BBC1's Breakfast programme.

The last BBC staff are due to move out before TV Centre's redevelopment next month.

If one of the new-look homes is beyond your pay grade, then you will still be able to experience the view enjoyed by countless executives, programme makers and director generals over the years, with part of the "doughnut" earmarked for a luxury hotel.

Large parts of TV Centre will be demolished after it is vacated by the BBC to make way for a redevelopment that includes a cinema, health club, restaurants and cafes, as well as offices and about 1,000 new homes including an unclassified amount of "affordable housing".

The BBC will retain links with the historic site, which will become home to its commercial arm, BBC Worldwide, as well as retaining some of the corporation's existing studios and post-production facilities.

The Stanhope chief executive, David Camp, said: "Stanhope is working in partnership with the BBC to deliver a publicly accessible mixed use remodelling of these iconic buildings and redevelopment of the adjoining land.

"The BBC will continue to have a significant presence at Television Centre and we will be bringing new life into the site with new public routes, spaces and uses.

"We will be introducing a vibrant and exciting mix of new retail, leisure, office and residential uses whilst keeping and enhancing the famous original BBC buildings and retaining key operational BBC studio and office facilities on site. Television Centre will be a great place to live, work and visit."

Parts of Television Centre, which opened in 1960, including the doughnut-shaped central block and Studio One, home to Strictly Come Dancing, have been awarded grade II listed status and will be retained.

BBC Television Centre; the middle of the famous 'doughnut'. Photograph: Leila Cutler/Alamy

The doughnut-shaped inner ring will be refurbished to provide space for residential apartments.

The current stage four and five TV Centre buildings will be refurbished as offices, with stage six – built in the 1990s as the home of BBC News, which has almost completed a move to New Broadcasting House in central London – becoming the new home of BBC Worldwide.

The drama block, restaurant block and car park on Wood Lane, as well as the east tower, will be demolished to make way for new homes. There will also be a "village green" of town houses with gardens.

Allford Hall Monaghan Morris, the architects behind projects including the Saatchi Gallery and Barbican Arts Centre, have been appointed to develop the wider plans.

BBC Worldwide will become one of the "anchor tenants" of the new-look west London site.

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